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(Sharecast News) - Business sector gas, electricity and water supplier Y? Group announced on Monday that current board director, Garry Pickering, was taking on a new role within the group, effective immediately.
The AIM-traded firm said Pickering's attention would now be on the hedging, risk management and operational forecasting and analysis activities required of a gas and electricity portfolio.
As director of trading services, he would also explore external development opportunities to expand its gas shipping services and other specialised energy trading related solutions.
Pickering would retire from his plc board duties to focus on the new role.
"Garry has been with the group since before we listed on AIM and his specialist knowledge of the electricity and gas markets gained in over 20 years in the industry is invaluable," said chief executive officer Bobby Kalar.
"The board is keen to leverage that knowledge for greater group benefit and recognise that his skill set lies in the technical side of risk management and designing new services."
Kalar said he was "delighted" that the business would continue to benefit from Pickering's niche expertise in a role dedicated to manage risk, trading and hedging, while also exploring new growth opportunities, including its gas shipping offering.
"Garry will remain an integral part of the team as we implement our strategy and focus on the key areas that will ensure our long-term profitable growth."
At 1522 GMT, shares in Yu Group were down 7.32% at 95p.
9 May 2022 14:51
IN BRIEF: Yu Group integrates Magnum Utilities via new metering unit
Yu Group PLC - UK supplier of gas, electricity and water - Creates a metering services unit to integrate Magnum Utilities. The new metering division is set to launch in the early third quarter of 2022. "The new metering services division will see the development of Yü Group's field engineering capabilities" which aims to speed up the installation of smart metres across the firm's portfolio, it explains. "This will provide Yu Group greater control and accuracy of metering data to improve operational efficiencies," the company adds. "The ability to control a larger part of the value chain and influence predictable outcomes for our customers will drive significant value enhancement - providing us greater control of our customers' energy supply," says Chief Executive Officer Bobby Kalar.
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